Inter-Cooperative Council At The University Of Michigan
- Assets
- $9.5m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 29
- Location
- Ann Arbor, MI
- Founding
- 03/1948
- Data as of
- 04/2023
- EIN
- 38-1381476
Organization Overview
Inter-Cooperative Council At The University Of Michigan, operating under the name Defined Contribution Retirement, is located in Ann Arbor, MI. The organization was established in 1948. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, under the broad grouping of Housing & Shelter and related organizations. As of 04/2023, Defined Contribution Retirement employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Defined Contribution Retirement is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 04/2023, Defined Contribution Retirement generated $4.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $4.5m during the year ending 04/2023. While expenses have increased by 4.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE SOCIAL AND GENERAL WELFARE OF THE COMMUNITY BY OFFERING LOW-RENT HOUSING TO ALL UNIVERSITY STUDENTS, REGARDLESS OF RACE, CREED, COLOR OR NATIONAL ORIGIN, AND THUS INFLUENCE THE COMMUNITY TO ELIMINATE PREJUDICE AND DISCRIMINATION IN HOUSING; TO ADVANCE THE CAUSE OF EDUCATION BY PROVIDING INEXPENSIVE BOARD AND LODGING FOR UNIVERSITY STUDENTS WITH LIMITED RESOURCES, SO THAT THOSE WHO MIGHT NOT OTHERWISE BE ABLE TO CONTINUE AT THE UNIVERSITY BECAUSE OF ECONOMIC NEED MAY ENJOY THE FRUITS AND THE BENEFITS OF HIGHER EDUCATION; TO RELIEVE THE GOVERNMENT OF THE STATE OF MICHIGAN FROM THE BURDEN OF BUILDING AND OPERATING STATE-OWNED DORMITORIES BY CREATING HOUSING FACILITIES FOR STUDENTS AT LOW COST ON A COOPERATIVE BASIS, AND TO CONTINUALLY EXPAND AND EXTEND THOSE FACILITIES IN THE COMMUNITY INTEREST; AND TO INITIATE, COORDINATE, DIRECT AND OTHERWISE PARTICIPATE IN EDUCATIONAL EFFORTS AND PROGRAMS FOR THE EDUCATION OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED AN AFFORDABLE LIVING COMMUNITY IN WHICH EQUAL AND EDUCATED MEMBERS WORK TOGETHER TO FURTHER THE COOPERATIVE MOVEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ever O'donnell Director | Trustee | 3 | $0 |
Keara Broome Director | Trustee | 3 | $0 |
Daniel Korth Director | Trustee | 3 | $0 |
Jonathan Meng Director | Trustee | 3 | $0 |
Devon Stein Director | Trustee | 3 | $0 |
Avi Tachna-Fram Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alliance Home Improvement And Painting L Maintenance | 4/29/23 | $272,374 |
Temperature Techs Mechanical Services Maintenance | 4/29/23 | $213,086 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $25,459 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,459 |
| Total Program Service Revenue | $4,510,929 |
| Investment income | $16,759 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,611 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,619,128 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $151,842 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $114,289 |
| Compensation of current officers, directors, key employees. | $114,289 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $703,910 |
| Pension plan accruals and contributions | $75,524 |
| Other employee benefits | $206,098 |
| Payroll taxes | $71,306 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,416 |
| Fees for services: Accounting | $2,907 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,091 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $42,250 |
| Information technology | $95,673 |
| Royalties | $0 |
| Occupancy | $1,237,610 |
| Travel | $43,087 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28,569 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $535,121 |
| Insurance | $13,224 |
| All other expenses | $141,670 |
| Total functional expenses | $4,508,002 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $297,913 |
| Savings and temporary cash investments | $3,118,967 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,530 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $134,574 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $307 |
| Net Land, buildings, and equipment | $5,318,872 |
| Investments—publicly traded securities | $624,324 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,519,487 |
| Accounts payable and accrued expenses | $207,034 |
| Grants payable | $0 |
| Deferred revenue | $16,229 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,621,582 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,561,015 |
| Total liabilities | $5,405,860 |
| Net assets without donor restrictions | $3,400,729 |
| Net assets with donor restrictions | $712,898 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,519,487 |